Cash is still king in Russia

March 10, 2017 RBTH
VCIOM research shows that 32 percent of Russians always pay with cash.
Retirees get their pension payments
80 percent of Russians consider restrictions on the use of cash to be an infringement of the rights of citizens. Source: Said Tsarnaev/RIA Novosti

Despite advances in online banking and the availability of debit and credit cards, most Russians still prefer to feel rubles in their hands. Most people using only cash to make purchases are 60 and older, (53 percent). The least represented were those from 10-24 years old, (17 percent).

27 percent of respondents preferred cash to cards, 26 percent use both equally often, 14 percent prefer paying by card, and only one percent exclusively used cards.

At the same time, 80 percent of Russians consider restrictions on the use of cash to be an infringement of the rights of citizens, and not a means to combat bribery and tax evasion. However, 36 percent of those polled support the idea of prohibiting cash payments larger than 50,000 rubles.

Read more: Banks report a rise in Russians’ financial literacy>>>

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